Portfolio optimization has been a central problem in finance, often approached with two steps: calibrating the parameters and then solving an optimization problem. Yet, the two-step procedure sometimes encounter the ``error maximization'' problem where inaccuracy in parameter estimation...

The author describes a classroom game demonstrating the process of adjustment to long-run equilibrium in a market consisting of price taking firms. This game unites and extends key insights from several simpler games in a framework more consistent with the standard textbook model of a...

This paper describes a classroom game used to teach students about the impact of reputations in markets with asymmetric information. The game is an extension of Holt and Sherman's lemons market game and simulates a market under three information conditions. In the full information setting, all...

Einführung -- Eine Entscheidungstheorie für zeitoptimale Entscheidungen -- Risikoneigung über Zielerreichungszeiten - Eine Analyse auf Basis der klassischen Zeitpräferenztheorie -- Risikoneigung über Zielerreichungszeiten - Eine Analyse auf Basis eines neuen St. Petersburg-Spiels --...

Overall, 72 subjects invest their endowment in four risky assets. Each com-bination of assets yields the same expected return and variance of returns. Illusion of expertise prevails when one prefers nevertheless the self-selected portfolio. After being randomly assigned to groups of four...